The stock’s bizarre post-bankruptcy rise has padded the fortune of its biggest shareholder.
The majority owner of Revlon, billionaire Ron Perelman, has seen the value of his stake rise nearly $200 million in the days since the company filed for bankruptcy.protection last week, something bizarre happened: Its stock surged over 200%, swiftly adding nearly $200 million to his fortune.
, a phenomenon in which investors on Reddit identify a stock that has been heavily targeted by short-sellers and then take pleasure in piling into it and cause short-sellers to lose money. Some 37% of Revlon’s available shares are owned by short-sellers.The stock, which closed at $1.95 the day after the company filed for bankruptcy last week, quickly soared as high as $9.89 on Wednesday. By Thursday, it had given up some of its gains, but still closed at $7.20.
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